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Registering a Company in Bulgaria

Updated on Monday 01st April 2019

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registering_a_company_in_bulgaria.jpgThe Bulgarian Registry Agency is a result of the effort of the Bulgarian authorities to simplify and centralize the company formation procedures. The Agency is subordinated to the Minister of Justice in Sofia and provides services under the Law of Cadastre and Property Register. One of the institutions functioning through the Agency is the Bulgarian Trade Register. It consists of specialized administration and general administration. In simple words, the institution is an electronic database with information regarding each trader and branch of a local or foreign trader registered in Bulgaria. Among the functions of the Trade Register, there are registrations of all legal entities, organizations, branches of foreign entities, traders, sole proprietorships and more. Our team of company formation agents in Bulgaria are at your disposal with in-depth assistance and details about how to register a company in Bulgaria and about the requirements in this sense.
 
Everyone interested in registering a company in Bulgaria and in other countries, such as Italy, SeychellesCanada, USA or starting a business in the Netherlands is able to save time with the registration process, as the informational system allows applications to be downloaded and sent electronically. 

 

What are the main steps of company registration in Bulgaria?

 
As a foreign investor in Bulgaria, one must understand the requirements of the company formation in Bulgaria and the main stages linked to the incorporation, such as:
 
  • the structure of the company needs to be selected before the registration;
  • the Articles of Association need to be prepared, alongside the forms and declarations found at the Trade Register in Bulgaria;
  • a bank account needs to be opened for the minimum share capital of the business;
  • the company must be registered for tax purposes and social contributions;
  • the business startup costs need to be considered at the time of registration.
 

How can I register a branch in Bulgaria?

 
The registration process of a branch is a simple procedure because such entity runs under the rules of a limited liability company or a joint stock company. As soon as the certificate of registration is issued, the branch needs to be registered for tax purposes with the Bulgarian National Revenue Agency. Our company incorporation consultants in Bulgaria can handle the registration process of branches in Bulgaria, therefore, you may solicit complete information in this matter. Also, our advisors can represent your business in Bulgaria as legal representatives.
 

How can I establish a subsidiary in Bulgaria?

 
Subsidiaries in Bulgaria can run under the rules of limited liability companies or joint stock companies, with the mention that the minimum share capital of EUR 25,000 is necessary for a joint stock company, deposited in a Bulgarian bank account. A representative for your subsidiary needs to be appointed, and in this matter, we mention that our company formation agents in Bulgaria can offer comprehensive support, plus they can legally represent your subsidiary in this country. There are varied benefits linked to a subsidiary in Bulgaria, and among these, the independent status and the fact that there is no need to submit the annual financial statements as a branch does. 

 

Company changes to be announced to the Trade Register

 

Information related to significant changes regarding a company must be communicated to the Register. The institution holds information like capital issues, replacement of managers or shareholders and a new office. They are taken into consideration by a judge that approves them or, under some circumstances, may request additional information. Once a company is registered, the Bulgarian Trade Register sends official information to the rest of the institutions of interest for the functioning of the company, like the National Social Security Institute or the National Revenue Agency. All trades and branches of national or foreign traders entered into the Trade Register receive a unified identification code.

 
The Bulgarian Trade Register holds information about all types of companies, including the ones in insolvency or liquidation. Upon request, the institution is obliged by the law to offer official information and authenticated copies of requested documents. The same is in other countries, like Finland, Estonia, Bulgaria, and Georgia, where you can open a company. The registration at the Trade Register is mandatory for foreign persons engaged in commercial activities in Bulgaria. The website of the institution provides data about foreign merchants. Upon the information in the database, certificates can be released by the Trade Register regarding the status and financial situation of the companies. The database is frequently updated, to provide a clear and proper status of the commercial entities that activate in Bulgaria.
 

What you need to know about the Bulgarian Trade Register

 
 
The registration of a company in Bulgaria is made with the Bulgarian Trade Register and its requirements in this sense. The company contracts, the Articles of Association with information about the owners the rules of the company must be prepared for the incorporation of the firm. The registration has been simplified in recent years, meaning that the Bulgarian Trade Register offers the possibility of verifying details about a certain company registered in Bulgaria, by accessing the database. This is a solution for foreign entrepreneurs in Bulgaria wanting to reserve a business name, and in this matter, our company formation specialists in Bulgaria can help with complete assistance.
 

FAQ about company registration in Bulgaria

 
1. What kind of company can I register in Bulgaria?
 
International investors can set up limited liability companies, general and limited partnerships, joint stock companies or can act as sole proprietors in Bulgaria. The incorporation procedure is not complex, however, you can talk to our consultants for complete information and support.
 
2. Who can register companies in Bulgaria?
 
Any local or foreign investor can set up companies in Bulgaria and develop their operations in any field of interest without any particular restriction. We remind that the Bulgarian authorities welcome the foreign investments in this country and encourage them through varied investment incentives.
 
3. How much does it take to register a company in Bulgaria
 
The incorporation of a company in Bulgaria takes around 14 days if all the business and documents requirements are respected. The Bulgarian Trade Register is the institution in charge of company incorporation thought the commercial department. 
 
4. Can I establish a branch or a subsidiary in Bulgaria?
 
Yes, companies from abroad can rapidly open branches and subsidiaries in Bulgaria, in compliance with the country’s laws. Feel free to talk to us for more details in this matter.
 
5.  Can I purchase a ready-made company in Bulgaria?
 
Yes, ready-made companies are already registered in Bulgaria and they can be purchased as soon as the ownership transfer is concluded. The next thing to do is to register for tax purposes in Bulgaria and go straight to business.
 
6. Do I need a local bank account for my company?
 
Yes, a bank account is needed for depositing the minimum share capital of the company and also for future financial transactions. Talk to our consultants who can offer you in-depth support in this sense. Overseas investors can choose from a wide range of banks, domestic or foreign.
 
7. Do I need to travel to Bulgaria for opening a business?
 
No, there is no need to travel to Bulgaria for company formation, as our team can handle the requirements in this matter. However, the final signatures of the documents need to be considered before the company is open for business.
 
8. Can I register a joint stock company in Bulgaria?
 
Yes, large companies from abroad can think of registering joint stock companies for which a minimum share capital of EUR 25,000 is needed. There are no harsh formalities, but it is recommended to have complete support.
 
9. Do I need a representative for my company in Bulgaria?
 
Yes, you need to appoint a legal representative for your company in Bulgaria, and you can get in touch with us for extra details in this matter. We can represent your business interest in this country, so feel free to address your inquiries and let us handle the incorporation steps of your firm.
 
10. Can I receive virtual office services in Bulgaria?
 
Yes, you can purchase virtual office services in Bulgaria for a monthly fee. A notable business address, a local phone number, and a virtual assistant are part of a virtual office package in Bulgaria.
 
For more details about the Trade Register and the ways in which you can incorporate a company in Bulgaria, you may contact our company formation agents in Bulgaria.

 

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Call us now at +359 888 350 643 to set up an appointment with our specialists in company formation in Sofia, Bulgaria. Alternatively you can incorporate your company without traveling to Bulgaria.

As our client, you will benefit from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Bulgaria.

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